WS #14099

The dominant Middle East/oil narrative remains in escalation, with no counter-signals. The US-Iran standoff over the Strait of Hormuz continues to tighten: Trump has announced he will declare the Strait a US territory, the US threatens an 'indefinite' blockade, and Iran maintains the strait is closed. Two ADNOC-affiliated tankers were attacked by drones, and the UAE blames Iran. WTI crude has rebounded over 1% to ~$82.30, Brent near $88.55, with gasoline and heating oil also rising. This is pressuring airlines and consumer discretionary names while benefiting energy producers. Separately, PayPal is in advanced talks to be acquired by Stripe and Advent at $60.50/share, a high-significance M&A catalyst. Oracle has rebounded after stating its New Mexico project remains on schedule, countering earlier weakness. The memory trade continues to strengthen, with SanDisk and Micron leading on AI-driven demand and long-term agreements. Appaloosa Management's 13F shows notable moves: new stakes in Coreweave and American Airlines, increased Meta, Amazon, Alphabet, Uber, Baidu, and decreased Micron, AMD, Qualcomm, Alibaba, Whirlpool. These are secondary signals but indicate institutional positioning.